LK Shields acted for Mr. Donal Geaney, ex CEO and Chairman of the Elan Corporation Plc, in Commercial Court proceedings against Elan Corporation Plc.

The case commenced in mid-January, 2005 and was listed for trial on 13th June, 2005 for three weeks. The short time frame involved clearly illustrates the speed with which large and complex commercial disputes can be dealt with by the new Commercial Court. The case was among the most prominent and significant cases to come before the Commercial Court, since its establishment last year.

Mr. Geaney claimed in the proceedings that Elan had represented to him in July, 2002 that he would have two years after termination of employment with Elan (which occurred in July, 2004) within which to exercise certain Elan share options held by him. Elan maintained that Mr. Geaney only had 90 days from termination within which to exercise his options (i.e. by the end of October, 2004).

Mr. Geaney's claim was settled to his satisfaction for the sum of €3.5m, in addition to a significant costs contribution.

July 2005.